Regional seasonality in Australian house and apartment price returns. Regional Studies. This paper examines regional seasonality in house and apartment price returns across all Australian capital cities from December 1995 to November 2015. The results suggest sizable seasonal effects for the very smallest and very largest regional capitals and that seasonal return variation is more significant for house than apartment returns. Further, the observed month-of-the-year effects have undergone significant changes in almost all cities for both house and apartment returns since the global financial crisis. The discussion offers some reasons for the differences in seasonality between houses and apartments as well as between regions and over time.